VinChain solves the asymmetric information problem in
the used vehicle market by creating a decentralized, unchanged, transparent, secure, and reliable vehicle life cycle repository.
When selling a car, the seller usually knows more about the vehicle than the buyer. This is a problem for the buyer because it opens it for possible fraud. To hedge against the risk of buying a ‘bad’ car buyers reduce the price they are willing to pay for the vehicle. This could cause the entire used vehicle market to disappear.
VinChain is a blockchain database that records all information related to the vehicle. For each vehicle, information accumulates during the entire period of use. This history is transparent and easily accessible to everyone. To protect the accuracy of information, distributed storage technology is used. It ensures absolute reliability and data security.
- – Buyers can not distinguish good cars from bad ones, so they are willing to pay less for their vehicles. This reduces the average price of the vehicle.
- – Because of the lower average price, the most sold cars sold, so those who sell good cars leave the market.
- – As a result, the quality of the average goods on the market is getting worse, and as a result buyers are willing to pay less than ever. Because of this the average price of a car reduces further.
- – Now a medium-sized car salesman is forced to leave the market.
- – The quality of the car will worsen again, and the average number of buyers willing to pay will drop proportionately. This cycle will continue until the buyer stops buying the car because they will assume that the quality is bad.
- – As a result, this will lead to a loss of the market as a whole. This is the nature of the market with asymmetric information.
This cycle can only be stopped by eliminating information asymmetry.
Change the global market of used cars by making them honest, transparent,
reliable and with equal access to information for each participant.
The purpose of the project
1. Create blocks with different levels of access and information protection.
The level of data security should be in accordance with the needs of government agencies.
2. Unite participants in the automotive industry, such as
manufacturers, insurance companies, dealers, workshops,
navigation system developers, into a single ecosystem for the
purposes of data exchange.
3. Create the infrastructure and provide direct access to the database for each market participant.
How it works
The information corresponding to the requested VIN number will be searched and selected on the block. Each record will have information about the data provider, date, VIN and car usage.
Benefits of using blockchain technology for VinChain:
● Blockchain can store information about vehicle maintenance
● Opportunity to adjust access levels for different users
● Absolute reliability
● A transparent reward system for data suppliers
● Opportunities to work directly with every market player \
● Resistance to network attacks
Pre-sale token for initial investor
Pre-sale: December, 1–24 12,000,000 tokens will be available for placement with a sales ban of 3 months after the ICO expires.
Emissions and sales tokens in ICO.
ICO will be held from March 22 to April 15, 2017.
Payment methods available for VinChain tokens:
● Bitcoin (BTC)
● Ethereal (ETH)
● Riple (XRP)
● Litecoin (LTC)
● Wave (WAVES)
● USD, EUR, GBP
Available for placement: 600,000,000 tokens.
Token will be distributed among buyers within 72 hours after the
completion of ICO.
Maximum investment amount: $ 34,500,000.
The VinChain team
Alex Miles — Project manager. Founder of Mealful LLC. Elena Krasenkova — Head of Sales at A Better Offer Car Auctions LLC, increased monthly sales by 150%.
Alexey Listopad — Marketing Director. Purchased 9 projects, including A Better Bid Car Auction to the US market.
Andrey Krainik — Founder of Easyexport.us, one of the top 10 companies in inc. 500 with an annual turnover of more than $ 45 million
Jurgis Plikaitis — CEO & Founder. Automated online auction specialists. Serial Entrepreneur. $ 500 million total turnover of established companies.
For more information please visit some links below: